Kwame, a trader in Accra, extracted a trial balance on 31 December 2024. The total of the debit column was $45,780 and the total of the credit column was $44,980. Which account should be opened to record this difference?

Q: How do I try a free CIE Accounting question?

Just tap any of the four options on this page — no signup, no card, nothing to install. You'll see the correct answer and a full mark-scheme-style explanation within a second. Each visit shows a fresh randomly-picked question from the live CIE IGCSE Accounting bank, so you can keep refreshing to try different ones before deciding whether to create a free account for daily access.

Q: Is Kramizo really free for CIE Accounting students?

Yes — completely free. Every student gets 45 questions a day on the free plan, across any board and any subject, with no card required and no trial countdown. Kramizo's optional Pro plan removes the daily cap and adds analytics, but the free plan is genuinely free forever. We make money from the small percentage of students who choose to upgrade — not from selling data or ads.

Q: Are the Accounting questions aligned to the CIE IGCSE syllabus?

Every question is written against the published CIE IGCSE Accounting syllabus and reviewed for accuracy before being added to the bank. We match the command words (state, describe, explain, evaluate), mark allocations, and difficulty tier you'll see on real CIE past papers. Explanations are written in the style of official examiner mark schemes so students learn exactly what marks are being awarded for.

Question

Kwame, a trader in Accra, extracted a trial balance on 31 December 2024. The total of the debit column was $45,780 and the total of the credit column was $44,980. Which account should be opened to record this difference?

Accepted Answer

Suspense account — Award 1 mark for suspense account. When the trial balance does not balance, a suspense account is opened to record the difference ($800) so that financial statements can be prepared while errors are investigated. A is incorrect — capital is not used for balancing differences. C and D are incorrect — these are regular ledger accounts, not used for temporary differences.

Answer

Bank account

Answer

Capital account

Answer

Suspense account

Answer

Drawings account

One real Accounting question.No signup. 30 seconds.

One real Accounting question.
No signup. 30 seconds.